"The Spanish football giant Barcelona has told fans it has "no connection whatsoever" with the digital coin offered by its new crypto partner, following criticism over the deal. Clubs often pick up sponsors in unusual areas to bring in extra money - with Arsenal bringing in Persil as its fabric care partner in 2023, and Kellogg's becoming Manchester City's breakfast cereal partner that same year. But far less is known about Zero Knowledge Proof (ZKP), which signed a three-year sponsorship deal in mid-November with Barcelona."
"University of Sussex professor Carol Alexander said the Barcelona brand gives enormous visibility to crypto firms like ZKP - but there is "substantial risk for supporters who buy the tokens". "Sponsorship creates an aura of credibility, even when the underlying project is opaque," she told the BBC - saying this meant fans and supporters should be "very cautious". "Before buying any crypto asset they should ask who controls it, where the documentation is, and what recourse they have if it fails," she said."
Barcelona has said it has no connection with the digital coin linked to its new crypto sponsor and that it does not use the associated technology. ZKP signed a three-year sponsorship with Barcelona in mid-November and also announced a similar deal with the Australian rugby league team Dolphins. ZKP describes itself as founded by "a pseudonymous collective" spread across multiple jurisdictions and makes few public disclosures. The firm then announced a cryptocurrency, prompting concern that supporters could be led to invest. An academic warned that sponsorship can create an aura of credibility around opaque projects and urged potential buyers to verify control, documentation, and recourse before purchasing crypto assets.
Read at www.bbc.com
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